Apple CEO Tim Cook will take a 40% pay cut per his own request and at the advice of investors.
As a result, Cook will make $49 million and see his stock units will increase from 50% to 75% this year.
“Taking into consideration Apple’s comparative size, scope, and performance, the Compensation Committee also intends to position Mr. Cook’s annual target compensation between the 80th and 90th percentiles relative to our primary peer group for future years,” the filing read.
Apple is one of many major companies that have faced backlash over discrepancies in pay between executives and other lower-level employees.
2021 marked a record-high year for executive compensation, but more and more, shareholders are pushing back on such lavish packages.
By taking this pay cut, Apple could recover its disappointing share prices (which fell 27% last year) and avoid the dreaded technology layoff trend that has infiltrated the tech industry.